The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1887-02-11

ughtcns ConGrcss ~ 90 Certain ~ IN
yiows In Regard % Secessnry 1rglslnetou
/ % Preserve Our financial Equliibrium
\ WAsnrxGrox. Feb 2~Sccrctary Man
4 ming yesterday sent long communica-
| ton 20 Speaker Carlisle In reply 70 70
(, cont resolution Of tho House Of Reprcsen'
/. tativcs respecting reissue Of treasury
I notes and the destruction Of United States
l notes, etc The first ~ these resolutions
inquired whether any money appropriated
In tho Sundry Civil bill or any other gov
eminent money had been expended for the
purpose OF issuing treasury notes Of large
denominations. in lieu Of notes OF small
denominations cancelled or retired. Soc
Rotary Manning. after observing that ne
finds no authority 70 reissue treasury
notes, says that II more patient scrutiny
Of the statutes q large discioscs
such authority he could not,
except under fresh instructions
from Congress. conceive IL aduty 70 ex-
pend money for such a purpose; and then
he adds that none Of the appropriation re-
ferrei 70. nor any other money belonging
70 the Government has been expended for
such purposes. The secretary then goes
into long argument In favor Of paying
the grccnback debt and . repeal Of the
Compulsory Silver Purchase bill He
says:
sThat another species Of our outstand-
ing Indebtedness. namely. the legal ten
ders or greenbacks. known in law rs
United States notes.arr equally with what
the law desIgnates as treasury notes be
yond any need or excuse for reissue: that
temporary notes which arc debt Of
principal and interest. should ut once be
cashed and cancelled from abundant and
nt ~.
Of being applied to any other use-this Is
50 obvious principle OF sound finance,
such as prudent citizen would apply to
his private affairs. that any Secretary OF
the Treasury would be subject 70
just rcproach for departure therefrom
by reissues, were It not that the
act Of Nav 81. 1878, seems to require OF him
that fiscal misstep And ! beg leave 70
submit 10 the House the question whether.
among many other reasons for its repeal
the contraction OF the currency sought 10
be averted by that act can no: in any
other and better way be prevented than
by its repeal. The fact that the $3466Sl.-
DIG Of grcenback debt il . greenback
currency. is 80 far from being a reason
against its payment that Il Is reason
which makes its payment and destruc-
ton ncccssary-not without better
currency 10 take it, place, but
such q currency IL Of hand. But.
also. contraction Of the currency
should be avoided. The substitution OF a
better currency for the Grecnbacks runs
no hazard Of contraction But the conse-
quen ccs Of not using our coin surplus
thus are serious. For in CURRENCY OF
some sort with the years taxes paid and
he excess Of receipts over the authorized
disbursements OF the treasury would be
the measure Of the contraction OF the
currency. This contraction can be avoided
by appropriations for an exfravagant and
reckless outponr Of expense like that OF
war. 1t can also be avoided by the pay
ment Of debt. The first remedy need not
be discussed: il is OF course the remedy
Of the most unworthy OF the peoples
representatives The second rem edy Is
all that remains
.sWhat debt then. shall We payi'' thu
secretary asks, and goes on 70 argue that
il would be an inexcusable extravaganza
TO diminish the bonded debt not yet due
BY anticipatory purchase. At . high
premium. when. under the operations OF
the Sinking Fund law. every dollar Of the
National debt, creenbacks and AL. can be
cancelled by 1905. or anticipatory pay
ment Of funded debt at high premium.
the secretary says:
while successfully getting out OF the
treasury the currency tar surplus. and 50
contraction in that form. 10
that method, nevertheless. which would
contract the currency in another form By
too suddenly diminishing National bank
based on the funded debt. II
i therefore necessary now, not only 70
reduce taxation in order 10 prevent
surplus tax collecting from being currency
again and again, but II il !
necessary also to employ our present and
tax surplus IN the payment /
not Of funded, but Of the unfundcd debt.
Great extravagance orneedicss expense or |
serious monetary trouble can both be 30 |
avoided The peoples representatives. BY
action before adjournment. can relieve the I
Secretary OF the Treasury from . bad |
choice between these now present altern-
ltives. The surplus coin and bullion |
which will remain in the treasury after |
I'll the DO nds subject TO call have |
been paid. and before the the Fifticth |.
Congress will assemble. together with the |
proceeds Of surplus taxation which will I
low into The treasury before any possible |
reduction Of taxes by the present Som |
yress can take eject constitute sum !
which can well be got out Of the treasury |
INTO the hands Of the people. where II be- |.
longs, by the payment Of the grccnback !
debt Coin certificates are . ready and |.
superior paper moDe- 20 the grccnbacks.
rhe substitution can be effected a. mere |
natter Of treasury administration when
sver two indispensable conditions are first |
fulfilled by Congress. The repeal Of the |
silver purchases il the first !
condition. and the repeal Of |
he compulsory host Of redemption reis-
Bues Of United States notes il the next |
Ind only other condition.
These two repeats are together neccs-
lary, the Secretary insists, TO prevent on |
The one hand m cxtravaRant expense, or
,n the other hand . considerable contrac-
lion Of the currency.
Replying 70 the other resolutions OF in |
quiry about the cancellation Of n and - |
notes, the Secretary presents tables show
Ing that since August Z. 1856. there has |
been . decrease BY destruction Of e3.e6i.-
~ OF ones and n, o37.062 OF twos, and an
increase Of $4,000 in hvcs sad c0,OO0,-
100 In ten dollar notes.
Reception 70 General Falr- |
child.
CoxcoRp. ~ H.. Feb 1.-0cneral Fair